Billy Joel was able to sell his Sagaponack home despite housing market woes. Number of sales in the luxury New York area have been down this year, but housing prices continue to increase at a rate of 109.4 percent.* Reports state the piano man lost about $1.6 million.
The 1.2 acre recently sold property was listed for $12.5 million. The real estate agent, Biana Stepania of the Corcoran Group is handling both property sales. Billy Joel purchased the home in 2007 for $11.6 million. The $10 million price tag is about double the average listing price for the area. The median sales price is $8,010,000.**
Billy Joel has a second home in the same Sagaponack area for sale. The home was originally purchased for $16.75 million and is listed for $22.5 million by Corcoran Group Real Estate who sold him the house. The beachfront residence takes cottage-living to a higher level.
"Tastefully decorated by Nate Berkus, the main house is turn-key complete. Terraces on both levels guarantee breathtaking views of stunning Sagaponack land and seascapes." (Corcoran Group)
Celebrities worldwide have been selling their homes because of various reasons, most of which involve downsizing. Rush Limbaugh decided to put his Manhattan luxury apartment for sale to avoid a millionaire tax. Caroline Feraday wasn't avoiding taxes, but the Brit celebrity felt a 5 bedroom home wasn't economic for her budget.
*Data Source: Trulia.com
**Data Source: Trulia.com
Written by Amy Munday
Huliq.com
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